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El Tigre Silver Corp. (CVE:ELS) reported that it has signed an option agreement on the silver and gold recovery project in Sonora, Mexico.
The press release is quoted as saying:
Under the terms of the Option Agreement, the Company through its wholly owned Mexican subsidiary, Pacemaker Mining SA de CV, will have up to two years to evaluate the tailings and design a procedure to extract the contained silver. In order to exercise its option, the Company will pay the Owner $20,000 USD upon signing of the Option Agreement and has agreed to spend $30,000 USD in engineering work during the two year term. At any time during the initial two year phase, if the Company decides to proceed with the option, the Owner will receive a further payment of 100,000 common shares of the Company. The Owner will also receive a royalty of 10% of net profit on the tailings project,which will be calculated as gross proceeds from the sale of mineral, metals and concentrates net of all costs including, smelting, refining, penalties, assay cost, arbitrage, shipping, insurance, trade tax, foreign tax, exploration, engineering, depreciation and amortization and generally all costs to obtain the minerals from the tailings.
Click here to access the entire news release.
